Selling a business is fucking horrible. small business |
- Selling a business is fucking horrible.
- Small business SEO?
- Didn't claim 15k on my 2019 taxes - What happens if I claim that now?
- How important is it to have your own business email complete with custom domain?
- Any recommendations for a small business loan?
- Going to check out a restaurant spot where the previous owners abandoned all of their equipment.
- Planing to start a business and hope I can get some pointers!
- First stab at starting a micro-saas business. Built the MVP with webflow, would love to hear some growth ideas with a minimal workforce.
- Need an idea for a business name
- Square Problem with Recurring Client
- Book keeping / Accounting software for small business with 3 branches
- What was the first serious obstacle you hit when you started your business?
- Trouble Withdrawing Second Draw PPP Loan Application and Then Reapplying?
- Doing my own marketing and would love some help!
- Chargeback for transaction through Drizly. Drizly claims there is no point to dispute and recommends their chargeback insurance for future issues.
- custom printed tights
- Starting a campground
- Employee Theft Discovered- what next
- Best website builder/hoster for video production business?
- Best Way to Create Free Group Cards
- Using an Online Only Bank for an LLC?
- Chase PPP application
- Best resource to get a 1-800 number??
- ERC Webinar
| Selling a business is fucking horrible. Posted: 04 Mar 2021 02:25 PM PST So I'm in the process of selling my business, and it's the FUCKING WORST. I get calls from all types of crazies wanting to "expand their business" or whatever the fuck, hounding me 3 times a day while I'm still waiting on documents from a lawyer so I can even show you what the fuck you're looking at, dude. People say "oh you don't need a lawyer I've never used one" then want access to my tax returns for the past 3 years. Not like that's gonna become a stolen identity... People wanting me to go ride with him in his fucking truck to see all my clients houses BEFORE signing an NDA, sounds like a great way for me to get shot and you to steal my clients. From step fucking one it's been horrible, nobody knows how to value a business, and when they do they want half of it in any pending sale. Nobody has any idea what to do, so you figure it the fuck out for yourself. God fucking this sucks. Edit: I HAD shit to do today. I need to wash up equipment so I can list it. I need to repair equipment so I can sell it. It's the one nice day it 2 weeks not to freeze my fuckin ass off doing it. But instead I'm sitting by my fucking computer all fucking day fielding calls from dumbasses who don't use lawyers. This fucking sucks god damn. [link] [comments]  |
| Posted: 05 Mar 2021 01:45 AM PST People of Reddit, especially those of you that know some things about marketing services, I want your opinions. (Others are welcome as well though). So you could form an image of what this is all about, I'm going to preface this by saying I have a small candle shop. I do pretty uniqe designs if you ask me and I've just started out a few weeks ago, because this pandemic doesn't seem to go anywhere for now, so it's a good oppotunity to try new things. At least that's my view on it. Seeing how this was a big dream of mine for a long time, why not start it now when I have more free time, so to say. Now here is when the marketing part comes into play, and the need for an increase un traffic on my page. I've been thinking about SEO for a while now, but everything is kind of all over the place in my head. I'm writing this post because I came across an ad from a SEO company here on Reddit, this agency https://crowdo.net/blog/crowd-marketing/ to be more exact. I'm quite impressed with what I've seen on their website and I'm really thinking of reaching out to them. My only dilemma is that I don't know if it's something that works for small businesses, such as mine. I did research the topic a lot and I found numerous articles that actually encourage small companies to take on SEO. This is one such article https://techdayhq.com/community/articles/the-benefits-of-seo-for-small-businesses that lists a great number of motives. Also there are a lot of YouTube videos that explain pretty much the same thing. This one is an example of such video: https://www.youtube.com/watch?v=eeSBW8zIF2M I pretty much have my answer already in these materials, but it's just helpful to hear it from other people that have worked or still work in the area, or that have contact with the niche. I appreciate every opinion, so feel free to express it. [link] [comments]  |
| Didn't claim 15k on my 2019 taxes - What happens if I claim that now? Posted: 04 Mar 2021 08:10 AM PST I do tours. And the last one of them was right when Trump announced state of emergency... and bc of the pandemic half of the travelers decided not to go. So I was going to refund 15k to the travelers that couldn't go and thus didn't claim that on the 2019 taxes. I didn't realize that you still have to claim that money for that year and then claim the loss for the next year. I also decided (afteer having a clear mind post pandemic frenzy in 2020) that I might just be able to reschedule the tour for 2022 instead because I have the right NOT to refund them since the travelers had previously agreed to a non-refunable agreement in 2019 (eh I'm not sure yet about this tho). What will happen now when I claim that extra 15k? Will I be at a huge risk for an audit? Besides the penalty... BTW the payments were made through Venmo/personal bank transfers so there is no company that reported that amount but still... I rather claim it and be safe. I'm nervous and not sure wtf to do now! Edit: Also! That's extra money with the PPP. So if they roll out another stimulus that's about 10k in PPP (all three combined) which is 70% the cost that I owe the travelers! So I feel incentivized and anxious about that too. All the uncertainty is really crushing me though. [link] [comments]  |
| How important is it to have your own business email complete with custom domain? Posted: 04 Mar 2021 09:21 PM PST How important is it really? I'm very much in the beginning stages of this venture and just wondering how important it really is? The reason I asked is that I recently noticed on my vet's contact email is a simple gmail account. Would I really be missing out on a lot without a custom domain? [link] [comments]  |
| Any recommendations for a small business loan? Posted: 04 Mar 2021 10:19 PM PST Long story short I want to take out a $12,500 loan with relatively low interest rate for my small business registered in 2020 (not sure if this disqualifies me for any SBA loan). Where is a recommended place to do so and how hard is it to apply and get approved for? [link] [comments]  |
| Going to check out a restaurant spot where the previous owners abandoned all of their equipment. Posted: 04 Mar 2021 11:30 AM PST I've owned a restaurant before and have heard of these circumstances, but never thought I'd see one. I talked to the lease agent 2 days ago and he said it was a "sign the lease and the equipment is yours" type of situation. It appears I'm the first to view it as it's not even listed yet (got lucky and called this agent randomly). The restaurant was doing very well for many years with great reviews and I'm guessing it's not covid related why they left. The rent and triple net seems high for the area so my question is would negotiations regarding the lease be a little tougher because the situation is so unique? What are some things you were able to bring to the table as far as value to your business and yourself when it came to navigating the agreement? Edit: So I went and looked at the place and its in a lot better shape than I was imagining. Not sure if I'm allowed to share all the details but the equipment is legit. Feeling really good about this, as much as you can feel good about opening a restaurant. [link] [comments]  |
| Planing to start a business and hope I can get some pointers! Posted: 05 Mar 2021 01:22 AM PST Before you say it...yes, I know Cpa's can be helpful (and recommended) but I would like to understand how things work before I go to a professional. I am planning on buying a pre-existing vending machine business. I will be doing owner financing. I will pay him the 50% up-front and then every month I will pay him $1,000 or 40% of the gross profits (whichever is greater). Since my business is in Kansas I need to charge customers sales tax from my gross income, from what I understand? Okay so here are my questions, The usual costs of my business are the cost of food, the cost of gas, the cost for credit card fees, and Commission to the places that require it. Additional costs can be maintainance (if a machine breaks down), insurance (optional), and loss in a possible theft. My additional unusual cost is the monthly payment to the previous owner. I am also under the impression that IRS allows deductions, basically things that aren't usual costs to run the business but can be justified for your business. Is this understanding correct? e.g business meals, cost of a home office, percentage of utilities, and phone bills. my understanding for coming up with my profit is (Gross revenue - sales tax payable to Kansas - monthly payment to the previous owner - regular business cost - commission to the locations - unexpected cost (like repairs to the machine, theft, etc.) = gross profit before deductions and taxes. Next, I take the gross profit before deductions and taxes and I subtract any available deductions from this amount so (Gross profit - deductions) = profit before taxes. Finally, I calculate the tax on profit before tax and subtract tax leaving me with my final net income. so net profit = (gross revenue- sales tax payable to Kansas - monthly payment to the previous owner - regular business cost - commission to the locations - unexpected cost (like repairs to the machine, theft, etc.) - deductions - taxes)? Question time: Is the assumption above correct? Can I deduct the cost of gas to drive to all the locations as well as the federal $0.58 per mile deduction? How can I know if my cost cancels a federal deduction? If a cost is similar to tax write-offs am I only able to choose one? Let's say I am left with $10,000 at the end of the year and I decide to pay the previous owner $8,000 (to help pay off my financing quicker) would I then call this a cost and have my profit be $2,000? How do I legally show this to IRS? Do I need to file specific paperwork to show who I paid? Does a simple contract of repayment count or do I need the personas Social security number and file a 1099? Or do I just pay him and not file anything? How does the state of Kansas know if I charged the right amount in sales tax? Does the state require me to have transactions for all sodas and chips sold? What if my calculations for sales tax payable to Kansas is less/more? can I fix it later? I've made a google sheet in which (if all works correctly) I should just enter (for each machine) the month/day/year of when I stocked what Item, the quantity, sales from cash, sales from the card reader (the sheet assumes the credit card fees stay the same and do not change), number of miles I drove for each month and the commission percentage. Then the google sheets does all the work of organizing the information I input into all the months and a small total for the year (for that machine only). I then have another page that adds all the calculations of all machines together and does the monthly and annual calculations. Let me know if the way I am doing this is wrong. The info I collect is used to estimate fixed costs, fixed revenue, revenue in cash, revenue in credit card sales, amount of sales, Total revenue, sales tax payable, revenue after sales tax, owner financing payment, estimated cost for stock, miles driven, gas cost (assumes the cost of gas stays the same for the whole year thus an estimate), the cost for credit card reader (assuming the cost stays the same from the company), Costs before the commission, profits after removing cots and sales tax, commission, all costs except estimated tax, estimated profit before tax, estimated taxes ( I went above what I think I'll pay to make sure I don't have trouble paying it), Finally estimated profit. This will do the calculation for each month of every machine, so each machine has this sheet. I then plan to have a single page that adds up all those categories for each month of all machines, that look at each month and annualizes it as well. Then I use these estimated costs and compare them to my actual costs. The reason is I could buy drinks on January 31st but use them at different machines on different months and then buy the drink again but this time at a different price. The product's cost per item can change each time so I would rather estimate my costs for data reasons and when tax times come around use my receipts that can actually back up umbers in case I get audited or asked about how I came to my number and compare them to my estimates. Is this correct? If this is confusing let me give an example. I have 5 machines and I have a sheet for them all 5. The sheet tracks them separately for each month and what it tracks is estimated. Then I have another sheet that tracks all 5 machines' estimated monthly data and estimated annual data ( I might add quarterly), again these are based on the estimated data. Some of this data is concrete, some are based on changing variables, some are just a plain estimate. This last sheet tracks the annual estimates and compares these numbers to actual annual data based on receipts for the entire year. Is this okay to do it his way? DO I need to do anything else? Hopefully, I do not also need to do calculations of actual costs monthly and quarterly? Just to be clear, the estimated cost doesn't mean I am just using random numbers but rather inflated numbers (Like estimating taxes to be more than thy will, etc.) or costs that stay static while the real numbers change from time to time (e.g cost of soda per item could change in 6 months but I do not account for it). If you went through my whole post I appreciate it and I hope my post isn't too hard to understand and read. AS always I appreciate the help that is received. [link] [comments]  |
| Posted: 05 Mar 2021 01:07 AM PST Me and a couple of friends built an MVP with Webflow to sell cool 3d resources. Idea is to couple 3d icon packs with Figma and Webflow templates so that early stage founders, developers and designers have a well rounded product to build things and make them look great. Currently searching for awesome growth plans to start growing our business, would be great if you guys could help! Check the link for context : Reality.Tools [link] [comments]  |
| Need an idea for a business name Posted: 04 Mar 2021 06:54 PM PST |
| Square Problem with Recurring Client Posted: 05 Mar 2021 12:21 AM PST Has anyone had a problem with Square locking their account because of the same dollar amount being charged to the same client multiple times? The client is a large corporation (and is cooperative) and it has been "resolved" with Square multiple times, but it just keeps happening. Any pointers on whether legal or regulatory agency help is needed or what to do to resolve this once and for all? [link] [comments]  |
| Book keeping / Accounting software for small business with 3 branches Posted: 04 Mar 2021 11:43 PM PST Hey, I own 3 small paint shops, and I am looking for a bookkeeping software (hopefully both offline and online software) which will help me with my accounts and be able to link up all 3 of my branches. I tried finding it on google, but couldn't really make up my mind. That is why I am looking for some suggestions from people who actually use these everyday. [link] [comments]  |
| What was the first serious obstacle you hit when you started your business? Posted: 04 Mar 2021 11:37 PM PST Title. I wanna understand more about the early challenges people faced when they started what they currently have. There's a lot of challenges and nonsense that needs to be overcome in business, so would like to hear from others what their experiences were, especially in the early days. [link] [comments]  |
| Trouble Withdrawing Second Draw PPP Loan Application and Then Reapplying? Posted: 04 Mar 2021 11:10 PM PST Hi All, My small business applied for a second draw PPP Loan through Capital One about 6 weeks ago. I was approved for a loan 3 weeks ago that was smaller than what I applied for and less than I received from my first draw. This didn't make any sense to me since my expenses (rent/payroll etc.) had not changed since my first PPP loan was approved. In fact, they've increased as my rent has gone up. My accountant agreed that the loan amount was "off" and advised me to call the Capital One rep who had contacted me to ask about an appeal or reassessment. I was advised that I could either accept the amount of the loan being offered or withdraw the application and then resubmit a new application that would receive a fresh review. I was advised that no other appeal process existed. This is what I did. It took a week for my second draw PPP loan to be "cancelled" and ever since I've been unable to submit a new application for a second draw. My Capital One PPP Dashboard shows my first draw loan application and the second draw loan application that is marked "Cancelled", but when I go to start a new application for a second draw PPP loan a page pops up indicating that an application cannot be completed because an application has already been submitted (even as the system simultaneously acknowledges that the submitted application it's referencing has been "cancelled"! Countless calls have been made and an "inquiry" has been opened but it's been 2 weeks without any movement. Needless to say, this is incredibly frustrating and I'm fed up with Capital One at this point. There's clearly a problem with Capital One's online application system. It's as if the online application system simply isn't designed to accept a second PPP application, even when a prior application is cancelled/withdrawn. Has anyone else had a similar issue? Any insight would be much appreciated. All suggestions are welcome. Thank you in advance! [link] [comments]  |
| Doing my own marketing and would love some help! Posted: 04 Mar 2021 09:28 AM PST Hi everyone, I run a small store specialising in natural local made crafts! It's just me and my wonderful husband running the store, but Covid has hit us fairly hard. We decided that we need marketing, but just don't have the funds to cover it professionally ... SO we (I, lol) will be doing the marketing instead! I wanted to know if I could ask you (specifically those of you also running a small business) all some questions? I would really appreciate any feedback! Thanks!! ☺️☺️
Again, thank you so much for all the help! [link] [comments]  |
| Posted: 04 Mar 2021 02:57 PM PST A few weeks ago, I received an order for 2 expensive bottles of tequila. I noticed the address was in the best part of town and decided it was better for me to deliver the products myself to make sure there were no issues with the order. I went to the address, checked the ID and scanned the back of the ID and handed the products to the customer who entered the address listed on the Drizly order. After a couple weeks, I received a chargeback notice from Braintree (the merchant processing provider for Drizly). They said it was disputed as fraud. I reached out to Drizly who gave me the information to dispute, but they recommended not to dispute as it would probably go to pre-arbitration and I would most likely lose. They recommended Forter insurance for fraud cases like this, which costs 0.32% of all my Drizly sales. Is there anything I can do? How can I trust to sell any big ticket items through Drizly if there is always a chance of a fraudulent order? I felt I did everything on my end correctly. Why should I be on the hook for the loss of items/money when it is the Drizly platform that made the sale (provided customer and customer address) and it's even their merchant services which processed the payment? [link] [comments]  |
| Posted: 04 Mar 2021 10:25 PM PST I'm looking to have around 50 pairs of nylon tights printed. I'm finding a lot of websites that custom print a variety of clothing items but can't find any with an option of printing on nylon tights. Does anyone have any suggestions? or know of manufacturers that print on nylon tights?....It seems like a manufacturer may be the best route but I don't know how to even start looking for manufacturers [link] [comments]  |
| Posted: 04 Mar 2021 04:27 PM PST Any campground owners here? I own 20 acres of flat, undeveloped, desert land. Originally the land had nothing around it but has since developed a large RVing /Camping scene. At the moment I can't offer much in terms of water and power, but I can set up an office there. My plan is to allow RVers and campers to park on my land for a small fee. If I see there is enough demand I plan on eventually building the infrastructure for water and power lines. I'm hoping to hear from anyone that might know a little about campgrounds or have any ideas on how I can monetize the land. [link] [comments]  |
| Employee Theft Discovered- what next Posted: 04 Mar 2021 09:46 PM PST I have noticed missing cash from my small dessert store recently and when I hired a new manager, she said something wasn't right. Today she came to my wife and said that she knows that three of our employees have been stealing from us. The easiest to prove accusation (there are plenty of others, but we'll stick with this one) is that one person comes in 3-4 a week and gets free product every time. Details are not relevant but we found the footage in our security camera where an employee gives him free product in exchange for a cash tip. The man came in again today and our new manager spoke to him and he identified two other employees who do the same thing. We have fired all three. Now that we have video evidence of at least one of their types of thievery, what next? They're all three 17 year old girls from good families. Do we go to the police? Their parents? One of them was just about to leave for another job and I am calling that store tomorrow and warning them about the person they're about to hire. I haven't been able to pinpoint exactly how much money they've stolen, but from that one avenue alone it's about $30-$40 each time he comes in. So, I guess I could say that it's $90-$160 a week but for how long? And what about the other avenues that they've used to steal from us? I have to say it was pretty great finding the exact moment on the security camera where we caught her. I want to get my money back, but can I? Is it worth it? [link] [comments]  |
| Best website builder/hoster for video production business? Posted: 04 Mar 2021 05:49 PM PST I purchased a domain name through Google and now I want to build a website for showcasing my video work, pricing, services, etc. I am interested in knowing your opinions on the best way to build and host a website and how to go about dealing with SEO. [link] [comments]  |
| Best Way to Create Free Group Cards Posted: 04 Mar 2021 08:38 PM PST I think small businesses can benefit greatly from this product that helps creates group cards and greetings. Never heard of the group greeting concept? Watch this video. [link] [comments]  |
| Using an Online Only Bank for an LLC? Posted: 04 Mar 2021 07:53 PM PST I've read a lot of posts about what banks to use for an LLC and I've noticed none of them recommend any of the online only banks. Does anyone have insight into why it would be a bad idea? [link] [comments]  |
| Posted: 04 Mar 2021 01:19 PM PST Hey all, New to the sub and appreciate any help you guys could give me on this matter. I'm a sole prop going through the Chase PPP application and am currently confused by one of their opening documentation requirements. It states: You must upload the following: Your 2019 or 2020 IRS Form 1040 Schedule C. If your business has not yet filed a tax return for 2020: Fill out the return forms. Sign and date the first page attesting that the values you have entered for the calculations are the same that your business will use on its 2020 tax return. I've gone ahead and uploaded my schedule C from 2019, but am confused about what they want from me for 2020. Do they require documentation if 2019 is provided and, if so, am I filling out a 2020 schedule c myself and attesting values are correct? [link] [comments]  |
| Best resource to get a 1-800 number?? Posted: 04 Mar 2021 06:47 PM PST We're currently exploring the option of obtaining a 1-800 for our business for clients to call for inquiries, etc. I'm hoping to gain some knowledge on your experiences with them and the best place to get one. Thank you!! [link] [comments]  |
| Posted: 04 Mar 2021 06:36 PM PST Found an awesome webinar that puts the new ERC guidelines into simple terms. Super informative! [link] [comments]  |
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